Bitcoin: Preparation of the bill for regulation

After all the differences on virtual currency like bitcoin, the government has finally started preparing for the bill for its regulation. According to the exhaustive information given to CNBC-Voice, there is a proposal to ban the business of virtual currency in the current form under the bill, but there may be an exemption to issue a crypto token in lieu of any property.

There is a complete ban on virtual currency like bitcoins. According to sources, the restriction on the sale or purchase of virtual currency will be prohibited if a new law is enforced. But in return for the property, the release of the crypto token will be discontinued. These exemptions will be given in strict scope with strict conditions. Under which the registration of the crypto token and the broker registration will be mandatory. There is also a plan to build an authority to keep track of the cryptokone transactions.

According to sources, purchasing crypto tokens with a credit card or debt will be banned. The maximum rates of GST can be on the crypto token. According to the information provided by the sources, the draft of this bill has been prepared and consultation with the concerned agency has also started.